CORNING INCORPORATED CORNING INCORPORATED AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENTS OF INCOME (Unaudited; in millions, except per share amounts)
Three months ended | Nine months ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||
Net sales | $ | 3,173 | $ | 3,488 | $ | 9,594 | $ | 10,783 | |||||
Cost of sales | 2,169 | 2,426 | 6,574 | 7,192 | |||||||||
Gross margin | 1,004 | 1,062 | 3,020 | 3,591 | |||||||||
Operating expenses: | |||||||||||||
Selling, general and administrative expenses | 468 | 461 | 1,329 | 1,381 | |||||||||
Research, development and engineering expenses | 270 | 278 | 787 | 766 | |||||||||
Amortization of purchased intangibles | 30 | 31 | 92 | 92 | |||||||||
Operating income | 236 | 292 | 812 | 1,352 | |||||||||
Interest income | 10 | 3 | 25 | 9 | |||||||||
Interest expense | (82) | (73) | (239) | (216) | |||||||||
Translated earnings contract gain (loss), net | 20 | (68) | 128 | 257 | |||||||||
Other income, net | 33 | 106 | 128 | 391 | |||||||||
Income before income taxes | 217 | 260 | 854 | 1,793 | |||||||||
Provision for income taxes | (35) | (34) | (178) | (380) | |||||||||
Net income | 182 | 226 | 676 | 1,413 | |||||||||
Net income attributable to non-controlling interest | (18) | (18) | (55) | (61) | |||||||||
Net income attributable to Corning Incorporated | $ | 164 | $ | 208 | $ | 621 | $ | 1,352 | |||||
Earnings per common share available to common shareholders: | |||||||||||||
Basic | $ | 0.19 | $ | 0.25 | $ | 0.73 | $ | 1.60 | |||||
Diluted | $ | 0.19 | $ | 0.24 | $ | 0.72 | $ | 1.58 | |||||
© 2023 Corning Incorporated. All Rights Reserved
CORNING INCORPORATED AND SUBSIDIARY COMPANIES
CONSOLIDATED BALANCE SHEETS
(Unaudited; in millions, except share and per share amounts)
September 30, | December 31, | ||||||
2023 | 2022 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 1,639 | $ | 1,671 | |||
Trade accounts receivable, net of doubtful accounts | 1,725 | 1,721 | |||||
Inventories | 2,655 | 2,904 | |||||
Other current assets | 1,279 | 1,157 | |||||
Total current assets | 7,298 | 7,453 | |||||
Property, plant and equipment, net of accumulated depreciation | 14,407 | 15,371 | |||||
Goodwill, net | 2,372 | 2,394 | |||||
Other intangible assets, net | 938 | 1,029 | |||||
Deferred income taxes | 1,037 | 1,073 | |||||
Other assets | 2,226 | 2,179 | |||||
Total Assets | $ | 28,278 | $ | 29,499 | |||
Liabilities and Equity | |||||||
Current liabilities: | |||||||
Current portion of long-term debt and short-term borrowings | $ | 297 | $ | 224 | |||
Accounts payable | 1,459 | 1,804 | |||||
Other accrued liabilities | 2,529 | 3,147 | |||||
Total current liabilities | 4,285 | 5,175 | |||||
Long-term debt | 7,210 | 6,687 | |||||
Postretirement benefits other than pensions | 406 | 407 | |||||
Other liabilities | 4,633 | 4,955 | |||||
Total liabilities | 16,534 | 17,224 | |||||
Commitments and contingencies | |||||||
Shareholders' equity: | |||||||
Common stock - Par value $0.50 per share; Shares authorized 3.8 billion; Shares issued: | |||||||
1.8 billion and 1.8 billion | 915 | 910 | |||||
Additional paid-in capital - common stock | 16,877 | 16,682 | |||||
Retained earnings | 16,673 | 16,778 | |||||
Treasury stock, at cost; Shares held: 980 million and 977 million | (20,633) | (20,532) | |||||
Accumulated other comprehensive loss | (2,402) | (1,830) | |||||
Total Corning Incorporated shareholders' equity | 11,430 | 12,008 | |||||
Non-controlling interest | 314 | 267 | |||||
Total equity | 11,744 | 12,275 | |||||
Total Liabilities and Equity | $ | 28,278 | $ | 29,499 | |||
© 2023 Corning Incorporated. All Rights Reserved
CORNING INCORPORATED AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; in millions)
Three months ended | Nine months ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||
Cash Flows from Operating Activities: | |||||||||||||
Net income | $ | 182 | $ | 226 | $ | 676 | $ | 1,413 | |||||
Adjustments to reconcile net income to net cash provided by operating | |||||||||||||
activities: | |||||||||||||
Depreciation | 310 | 327 | 932 | 1,014 | |||||||||
Amortization of purchased intangibles | 30 | 31 | 92 | 92 | |||||||||
Loss on disposal of assets, net | 49 | 102 | 72 | 110 | |||||||||
Severance charges | 13 | 8 | 86 | 8 | |||||||||
Severance payments | (34) | (2) | (82) | (5) | |||||||||
Gain on sale of business | (53) | ||||||||||||
Share-based compensation expense | 57 | 52 | 168 | 145 | |||||||||
Translation gain on Japanese yen-denominated debt | (35) | (84) | (162) | (321) | |||||||||
Deferred tax provision (benefit) | 47 | (14) | 37 | 58 | |||||||||
Translated earnings contract (gain) loss, net | (20) | 68 | (128) | (257) | |||||||||
Unrealized translation loss on transactions | 8 | 63 | 58 | 140 | |||||||||
Tax deposit refund | 99 | ||||||||||||
Changes in assets and liabilities: | |||||||||||||
Trade accounts receivable | (73) | 106 | (137) | 161 | |||||||||
Inventories | 73 | (201) | 131 | (637) | |||||||||
Other current assets | (9) | 72 | (58) | (5) | |||||||||
Accounts payable and other current liabilities | 173 | (184) | (263) | 25 | |||||||||
Customer deposits and government incentives | (11) | 140 | (17) | 144 | |||||||||
Deferred income | 13 | 9 | (11) | (15) | |||||||||
Other, net | (51) | (13) | (201) | (19) | |||||||||
Net cash provided by operating activities | 722 | 706 | 1,292 | 1,998 | |||||||||
Cash Flows from Investing Activities: | |||||||||||||
Capital expenditures | (341) | (465) | (1,111) | (1,201) | |||||||||
Proceeds from sale of equipment to related party | 67 | ||||||||||||
Proceeds from sale of business | 3 | 77 | |||||||||||
Realized gains on translated earnings contracts and other | 93 | 77 | 270 | 209 | |||||||||
Other, net | (7) | (17) | 4 | (54) | |||||||||
Net cash used in investing activities | (255) | (402) | (770) | (969) | |||||||||
Cash Flows from Financing Activities: | |||||||||||||
Repayments of short-term borrowings and other long-term debt | (107) | (76) | (180) | (87) | |||||||||
Proceeds from issuance of short-term borrowings | 30 | 70 | 30 | 70 | |||||||||
Proceeds from issuance of euro bonds and other long-term debt | 30 | 9 | 968 | 37 | |||||||||
Proceeds from other financing arrangements | 54 | ||||||||||||
Repayment of other financing arrangements | (54) | (54) | |||||||||||
Payment for redemption of preferred stock | (507) | (507) | |||||||||||
Payments of employee withholding tax on stock awards | (4) | (2) | (103) | (44) | |||||||||
Proceeds from exercise of stock options | 4 | 7 | 39 | 35 | |||||||||
Purchases of common stock for treasury | (20) | (221) | |||||||||||
Dividends paid | (246) | (234) | (741) | (696) | |||||||||
Other, net | (9) | (6) | (26) | (17) | |||||||||
Net cash used in financing activities | (356) | (252) | (520) | (1,430) | |||||||||
Effect of exchange rates on cash | (10) | (51) | (34) | (117) | |||||||||
Net increase (decrease) in cash and cash equivalents | 101 | 1 | (32) | (518) | |||||||||
Cash and cash equivalents at beginning of period | 1,538 | 1,629 | 1,671 | 2,148 | |||||||||
Cash and cash equivalents at end of period | $ | 1,639 | $ | 1,630 | $ | 1,639 | $ | 1,630 | |||||
© 2023 Corning Incorporated. All Rights Reserved
CORNING INCORPORATED AND SUBSIDIARY COMPANIES
(Unaudited)
GAAP Earnings per Common Share
The following table sets forth the computation of basic and diluted earnings per common share (in millions, except per share amounts):
Three months ended | Nine months ended | ||||||||
September 30, | September 30, | ||||||||
2023 | 2022 | 2023 | 2022 | ||||||
Net income attributable to Corning Incorporated | $ | 164 | $ | 208 | $ | 621 | $ | 1,352 | |
Weighted-average common shares outstanding - basic | 850 | 843 | 848 | 843 | |||||
Effect of dilutive securities: | |||||||||
Stock options and other awards | 9 | 12 | 10 | 14 | |||||
Weighted-average common shares outstanding - diluted | 859 | 855 | 858 | 857 | |||||
Basic earnings per common share | $ | 0.19 | $ | 0.25 | $ | 0.73 | $ | 1.60 | |
Diluted earnings per common share | $ | 0.19 | $ | 0.24 | $ | 0.72 | $ | 1.58 | |
Core Earnings per Common Share
The following table sets forth the computation of core basic and core diluted earnings per common share (in millions, except per share amounts):
Three months ended | Nine months ended | |||||||||
September 30, | September 30, | |||||||||
2023 | 2022 | 2023 | 2022 | |||||||
Core net income | $ | 386 | $ | 438 | $ | 1,124 | $ | 1,392 | ||
Weighted-average common shares outstanding - basic | 850 | 843 | 848 | 843 | ||||||
Effect of dilutive securities: | ||||||||||
Stock options and other awards | 9 | 12 | 10 | 14 | ||||||
Weighted-average common shares outstanding - diluted | 859 | 855 | 858 | 857 | ||||||
Core basic earnings per common share | $ | 0.45 | $ | 0.52 | $ | 1.33 | $ | 1.65 | ||
Core diluted earnings per common share | $ | 0.45 | $ | 0.51 | $ | 1.31 | $ | 1.62 | ||
© 2023 Corning Incorporated. All Rights Reserved
CORE PERFORMANCE MEASURES
In managing the Company and assessing our financial performance, we adjust certain measures provided by our consolidated financial statements to exclude specific items to arrive at our core performance measures. These items include the impact of translating the Japanese yen-denominated debt, the impact of the translated earnings contracts, acquisition-related costs, certain discrete tax items and other tax-related adjustments, restructuring, impairment and other charges and credits, certain litigation, regulatory and other legal matters, pension mark-to-market adjustments and other items which do not reflect the ongoing operating results of the Company.
In addition, because a significant portion of our revenues and expenses are denominated in currencies other than the U.S. dollar, management believes it is important to understand the impact on sales and net income of translating these currencies into U.S. dollars. Therefore, management utilizes constant-currency reporting for the Display Technologies, Specialty Materials, Environmental Technologies and Life Sciences segments to exclude the impact from the Japanese yen, South Korean won, Chinese yuan, new Taiwan dollar and euro, as applicable to the segment. The most significant constant-currency adjustment relates to the Japanese yen exposure within the Display Technologies segment. We establish constant-currency rates based on internally derived management estimates, which are closely aligned with the currencies we have hedged. For details of the rates used, please see the footnotes to the "Reconciliation of Non-GAAP Measures" section.
We believe that the use of constant-currency reporting allows management to understand our results without the volatility of currency fluctuation, analyze underlying trends in the businesses and establish operational goals and forecasts. Further, we believe it reflects the underlying economics of the translated earnings contracts used to mitigate the impact of changes in currency exchange rates on our earnings and cash flows.
Core performance measures are not prepared in accordance with GAAP, but management believes that reporting core performance measures provides investors with greater transparency to the information used by our management team to make financial and operational decisions. We believe investors should consider these non-GAAP measures in evaluating results as they are more indicative of our core operating performance and how management evaluates operational results and trends. These measures are not, and should not be viewed as a substitute for, GAAP reporting measures. With respect to the outlook for future periods, it is not possible to provide reconciliations for these non-GAAP measures because management does not forecast the movement of foreign currencies against the U.S. dollar, or other items that do not reflect ongoing operations, nor does it forecast items that have not yet occurred or are out of management's control. As a result, management is unable to provide outlook information on a GAAP basis.
For a reconciliation of non-GAAP performance measures to their most directly comparable GAAP financial measure, please see "Reconciliation of Non-GAAP Measures."
© 2023 Corning Incorporated. All Rights Reserved
CORNING INCORPORATED AND SUBSIDIARY COMPANIES
RECONCILIATION OF NON-GAAP MEASURES Three Months Ended September 30, 2023 and 2022 (Unaudited; in millions, except per share amounts)
Three months ended September 30, 2023 | |||||||||
Net income | |||||||||
attributable | |||||||||
Net | Income before | to Corning | Effective tax | Per | |||||
sales | income taxes | Incorporated | rate (a)(b) | share | |||||
As reported - GAAP | $ | 3,173 | $ | 217 | $ | 164 | 16.1% | $ | 0.19 |
Constant-currency adjustment (1) | 286 | 212 | 164 | 0.19 | |||||
Translation gain on Japanese yen-denominated debt (2) | (35) | (29) | (0.03) | ||||||
Translated earnings contract gain (3) | (20) | (16) | (0.02) | ||||||
Acquisition-related costs (4) | 33 | 25 | 0.03 | ||||||
Discrete tax items and other tax-related adjustments (5) | (3) | (0.00) | |||||||
Restructuring, impairment and other charges and credits (6) | 72 | 58 | 0.07 | ||||||
Litigation, regulatory and other legal matters (7) | 32 | 25 | 0.03 | ||||||
Pension mark-to-market adjustment (8) | 7 | 6 | 0.01 | ||||||
Gain on investments (9) | (8) | (8) | (0.01) | ||||||
Core performance measures | $ | 3,459 | $ | 510 | $ | 386 | 20.5% | $ | 0.45 |
- Based upon statutory tax rates in the specific jurisdiction for each event.
- The calculation of the effective tax rate ("ETR") excludes net income attributable to non-controlling interests ("NCI").
Three months ended September 30, 2022 | |||||||||
Net income | |||||||||
attributable | |||||||||
Net | Income before | to Corning | Effective tax | Per | |||||
sales | income taxes | Incorporated | rate (a)(b) | share | |||||
As reported - GAAP | $ | 3,488 | $ | 260 | $ | 208 | 13.1% | $ | 0.24 |
Constant-currency adjustment (1) | 178 | 136 | 79 | 0.09 | |||||
Translation gain on Japanese yen-denominated debt (2) | (84) | (64) | (0.07) | ||||||
Translated earnings contract loss (3) | 68 | 52 | 0.06 | ||||||
Acquisition-related costs (4) | 33 | 25 | 0.03 | ||||||
Discrete tax items and other tax-related adjustments (5) | 22 | 0.03 | |||||||
Restructuring, impairment and other charges and credits (6) | 138 | 106 | 0.12 | ||||||
Litigation, regulatory and other legal matters (7) | 23 | 17 | 0.02 | ||||||
Pension mark-to-market adjustment (8) | (9) | (7) | (0.01) | ||||||
Core performance measures | $ | 3,666 | $ | 565 | $ | 438 | 19.3% | $ | 0.51 |
- Based upon statutory tax rates in the specific jurisdiction for each event.
- The calculation of the ETR excludes net income attributable to NCI .
See "Items Excluded from GAAP Measures" for the descriptions of the footnoted reconciling items.
© 2023 Corning Incorporated. All Rights Reserved
CORNING INCORPORATED AND SUBSIDIARY COMPANIES
RECONCILIATION OF NON-GAAP MEASURES
Nine Months Ended September 30, 2023 and 2022 (Unaudited; in millions, except per share amounts)
Nine months ended September 30, 2023 | |||||||||
Net income | |||||||||
attributable | |||||||||
Net | Income before | to Corning | Effective tax | Per | |||||
sales | income taxes | Incorporated | rate (a)(b) | share | |||||
As reported - GAAP | $ | 9,594 | $ | 854 | $ | 621 | 20.8% | $ | 0.72 |
Constant-currency adjustment (1) | 714 | 535 | 403 | 0.47 | |||||
Translation gain on Japanese yen-denominated debt (2) | (162) | (131) | (0.15) | ||||||
Translated earnings contract gain (3) | (128) | (103) | (0.12) | ||||||
Acquisition-related costs (4) | 99 | 70 | 0.08 | ||||||
Discrete tax items and other tax-related adjustments (5) | 26 | 0.03 | |||||||
Restructuring, impairment and other charges and credits (6) | 270 | 216 | 0.25 | ||||||
Litigation, regulatory and other legal matters (7) | 44 | 35 | 0.04 | ||||||
Pension mark-to-market adjustment (8) | 1 | 1 | 0.00 | ||||||
Loss on investments (9) | 1 | 1 | 0.00 | ||||||
Gain on sale of assets (10) | (20) | (15) | (0.02) | ||||||
Core performance measures | $ | 10,308 | $ | 1,494 | $ | 1,124 | 20.5% | $ | 1.31 |
- Based upon statutory tax rates in the specific jurisdiction for each event.
- The calculation of the effective tax rate ("ETR") excludes net income attributable to non-controlling interests ("NCI").
Nine months ended September 30, 2022 | |||||||||
Net income | |||||||||
attributable | |||||||||
Net | Income before | to Corning | Effective tax | Per | |||||
sales | income taxes | Incorporated | rate (a)(b) | share | |||||
As reported - GAAP | $ | 10,783 | $ | 1,793 | $ | 1,352 | 21.2% | $ | 1.58 |
Constant-currency adjustment (1) | 389 | 319 | 221 | 0.26 | |||||
Translation gain on Japanese yen-denominated debt (2) | (321) | (246) | (0.29) | ||||||
Translated earnings contract gain (3) | (257) | (197) | (0.23) | ||||||
Acquisition-related costs (4) | 107 | 84 | 0.10 | ||||||
Discrete tax items and other tax-related adjustments (5) | 38 | 0.04 | |||||||
Restructuring, impairment and other charges and credits (6) | 217 | 166 | 0.19 | ||||||
Litigation, regulatory and other legal matters (7) | 65 | 49 | 0.06 | ||||||
Pension mark-to-market adjustment (8) | (19) | (15) | (0.02) | ||||||
Loss on investments (9) | 8 | 6 | 0.01 | ||||||
Contingent consideration (11) | (32) | (25) | (0.03) | ||||||
Gain on sale of business (12) | (53) | (41) | (0.05) | ||||||
Core performance measures | $ | 11,172 | $ | 1,827 | $ | 1,392 | 20.5% | $ | 1.62 |
- Based upon statutory tax rates in the specific jurisdiction for each event.
- The calculation of the ETR excludes net income attributable to NCI .
See "Items Excluded from GAAP Measures" for the descriptions of the footnoted reconciling items.
© 2023 Corning Incorporated. All Rights Reserved
CORNING INCORPORATED AND SUBSIDIARY COMPANIES
RECONCILIATION OF NON-GAAP MEASURES Three Months Ended September 30, 2023 and 2022 (Unaudited; in millions)
Three months ended September 30, 2023 | |||||||||||
Selling, | Research, | ||||||||||
general | development | ||||||||||
Gross | and | and | Operating | ||||||||
Gross | margin | administrative | engineering | Operating | margin | ||||||
margin | % | expenses | expenses | margin | % | ||||||
As reported - GAAP | $ | 1,004 | 31.6% | $ | 468 | $ | 270 | $ | 236 | 7.4% | |
Constant-currency adjustment (1) | 212 | 3 | 209 | ||||||||
Acquisition-related costs (4) | (1) | 31 | |||||||||
Restructuring, impairment and other | |||||||||||
charges and credits (6) | 63 | (2) | (7) | 72 | |||||||
Litigation, regulatory and other legal | |||||||||||
matters (7) | (35) | 35 | |||||||||
Pension mark-to-market adjustment (8) | 4 | 2 | (6) | ||||||||
Core performance measures | $ | 1,279 | 37.0% | $ | 438 | $ | 264 | $ | 577 | 16.7% | |
Three months ended September 30, 2022 | |||||||||||
Selling, | Research, | ||||||||||
general | development | ||||||||||
Gross | and | and | Operating | ||||||||
Gross | margin | administrative | engineering | Operating | margin | ||||||
margin | % | expenses | expenses | margin | % | ||||||
As reported - GAAP | $ | 1,062 | 30.4% | $ | 461 | $ | 278 | $ | 292 | 8.4% | |
Constant-currency adjustment (1) | 138 | 3 | 135 | ||||||||
Acquisition-related costs (4) | 2 | (1) | 30 | ||||||||
Restructuring, impairment and other | |||||||||||
charges and credits (6) | 125 | (13) | 138 | ||||||||
Litigation, regulatory and other legal | |||||||||||
matters (7) | (32) | 32 | |||||||||
Pension mark-to-market adjustment (8) | 7 | 2 | (9) | ||||||||
Core performance measures | $ | 1,325 | 36.1% | $ | 428 | $ | 279 | $ | 618 | 16.9% | |
See "Items Excluded from GAAP Measures" for the descriptions of the footnoted reconciling items.
© 2023 Corning Incorporated. All Rights Reserved
CORNING INCORPORATED AND SUBSIDIARY COMPANIES
RECONCILIATION OF NON-GAAP MEASURES
Nine Months Ended September 30, 2023 and 2022
(Unaudited; in millions)
Nine months ended September 30, 2023 | |||||||||||
Selling, | Research, | ||||||||||
general | development | ||||||||||
Gross | and | and | Operating | ||||||||
Gross | margin | administrative | engineering | Operating | margin | ||||||
margin | % | expenses | expenses | margin | % | ||||||
As reported - GAAP | $ | 3,020 | 31.5% | $ | 1,329 | $ | 787 | $ | 812 | 8.5% | |
Constant-currency adjustment (1) | 537 | 8 | 529 | ||||||||
Acquisition-related costs (4) | 2 | (1) | 91 | ||||||||
Restructuring, impairment and other | |||||||||||
charges and credits (6) | 196 | (24) | (19) | 239 | |||||||
Litigation, regulatory and other legal | |||||||||||
matters (7) | (6) | (53) | 47 | ||||||||
Pension mark-to-market adjustment (8) | (10) | (1) | 11 | ||||||||
Gain on sale of assets (10) | (20) | (20) | |||||||||
Core performance measures | $ | 3,727 | 36.2% | $ | 1,252 | $ | 766 | $ | 1,709 | 16.6% | |
Nine months ended September 30, 2022 | |||||||||||
Selling, | Research, | ||||||||||
general | development | ||||||||||
Gross | and | and | Operating | ||||||||
Gross | margin | administrative | engineering | Operating | margin | ||||||
margin | % | expenses | expenses | margin | % | ||||||
As reported - GAAP | $ | 3,591 | 33.3% | $ | 1,381 | $ | 766 | $ | 1,352 | 12.5% | |
Constant-currency adjustment (1) | 321 | 4 | 317 | ||||||||
Acquisition-related costs (4) | 3 | (1) | 90 | ||||||||
Restructuring, impairment and other | |||||||||||
charges and credits (6) | 193 | (24) | 217 | ||||||||
Litigation, regulatory and other legal | |||||||||||
matters (7) | (74) | 74 | |||||||||
Pension mark-to-market adjustment (8) | 33 | 8 | (41) | ||||||||
Contingent consideration (11) | 26 | (26) | |||||||||
Core performance measures | $ | 4,105 | 36.7% | $ | 1,349 | $ | 773 | $ | 1,983 | 17.7% | |
See "Items Excluded from GAAP Measures" for the descriptions of the footnoted reconciling items.
© 2023 Corning Incorporated. All Rights Reserved
CORNING INCORPORATED AND SUBSIDIARY COMPANIES
RECONCILIATION OF NON-GAAP MEASURES
Three and Nine Months Ended September 30, 2023 and 2022
(Unaudited; in millions)
Three months ended | Nine months ended | |||||||
September 30, | September 30, | |||||||
2023 | 2022 | 2023 | 2022 | |||||
Cash flows from operating activities | $ | 722 | $ | 706 | $ | 1,292 | $ | 1,998 |
Realized gains on translated earnings contracts and other | 93 | 77 | 270 | 209 | ||||
Translation losses on cash balances | (8) | (63) | (58) | (140) | ||||
Adjusted cash flows from operating activities | $ | 807 | $ | 720 | $ | 1,504 | $ | 2,067 |
Less: Capital expenditures | $ | 341 | $ | 465 | $ | 1,111 | $ | 1,201 |
Free cash flow | $ | 466 | $ | 255 | $ | 393 | $ | 866 |
© 2023 Corning Incorporated. All Rights Reserved
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Corning Inc. published this content on 24 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 October 2023 11:13:43 UTC.
